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Huawei recently released the results of its fifth Global Connectivity Index (GCI), which was broadened from 50 countries to 79 and concluded that AI could almost double the value of the global digital economy to $23 trillion by 2025 compared to $12.9 trillion last year when it accounted for 17 percent of global gross domestic product.​ But as nations prep for digital economies driven by the advancements in artificial intelligence, the report also revealed a scarcity of AI developer talent worldwide. According to the GCI study, in order to deploy AI on a large scale, countries need to have three components in place: computing power, labeled data and algorithms. In order to overcome this threat, the study said that governments needed to rethink AI education for workforces by building a collaborative, open AI ecosystem that would attract and retain AI talent.

If you’re a small business owner, you’ve likely pondered the role of artificial intelligence in the future of your business. According to the Webby Awards AI Trends Report, 79 percent of U.S. adults reported using some form of artificial intelligence in the last 12 months, and 65 percent acknowledged that automation has a significant impact on their daily lives.AI technology will increasingly perform more tasks in a wide range of business fields in 2018, including:

IMPROVE DELIVERY - Market insights are critical to developing strategies and making business-critical decisions. According to Forrester, 31% of business tech decision makers plan to implement AI technology to improve the delivery of their business’s insight services.

IMPROVE PRODUCTS - Furthermore, Forrester reports that 33% of business tech decision makers anticipate that AI will aid in the improvement of products and services.

AUTOMATION - According to Narrative Science, 38% of businesses surveyed feel that providing predictions on customer, machine and business health is the most important service that artificial intelligence technology can provide. In the same report, 27% of businesses reported that the most valuable service AI can offer is automating manual and repetitive tasks.

ECONOMIC IMPACT - Forrester predicts that 10% of purchase decisions will be guided by a platform’s intelligent agent or bot, starting the “real economic impact of empowered machines.”

​It’s clear that artificial intelligence is only beginning to find its place in our businesses and lives. How do you foresee using AI in your business? Let us know!